Application Processing Module

Reduce delays and inefficiencies in loan appraisals with structured loan application workflow

General Description

The Application Processing Module supports the process that starts when a borrower applies for a new loan and the MFI activates the performing of complete analysis of the credit worthiness of the borrower, tracking all necessary data, documentation, following MFI’s workflow steps up to loan approval.

The Application Processing Module enables automatic loading of contact data from Contact Registry and product parameters from Product Registry.

The Product Policy is manageable completely from user side and allows highly flexible definition of products which is best demonstrated with custom definition of product limitations, lending ranges, product availability based on the type of borrower, Loan Officer, disbursement funds and many more, giving the leverage to formulate unique loan propositions.

Product conditions can be specified for additional manual modification directly on application level that allows further adaptation of the repayment plan based on borrower’s repayment possibilities.

Borrower’s creditworthiness is automatically calculated with the use of the Dynamic Data Collector (DDC) incorporating automation of diverse calculations, per industry rules and client work operations for most accurate analysis.

Mechanisms to secure borrowers creditworthiness (for e.g. mortgages, guarantors and collaterals) can be predefined to pass through validation controls based on client business needs (for e.g. validation of mandatory number of guarantees, acceptable exposure rate of the entity, controlling procedures for black list borrowers, endorsers, guarantors, etc.). All entered entities can be tracked in a two-way relation, weather as a borrower, guarantor, household member, legal entity members, etc. with automatic validation controls.

The workflow is flexibly defined based on client business needs, allowing specification of mandatory documentation and data to be gathered per workflow status, with possibility of status changes forward as well as backward, allowing repeated analysis of borrower’s creditworthiness.

Loan Application Approval is an adaptable process, manageable from user side with flexible definition of approval schema, including approval levels and parameters, which allow different organizational structures on different hierarchical levels to appropriately check borrower’s creditworthiness.

Key Features

  • Single point data gatheringOptimize the time engaged in generating loan applications and serve more borrowers, by automating the application processing, cutting unnecessary steps and gathering the minimum amount of borrower’s data needed.

  • Flexible Workflow Definition Streamline the loan application approval process by unifying parameters for analysis per borrower types, product types or requested loan amount, integrating four-eye control principle and applying flexible approval process, assuring that only borrowers which fulfil all your conditions pass through.

  • Flexible Product Policy Be able to define new products quickly and simply, without additional costs or additional employee trainings and keep the control over your Product Policy with flexible adaptation of product parameters from user side, including activation periods, 4-eye validation controls, employee privileges to use the products and product purpose.

  • Automated guarantors and collaterals evaluation Minimize loan risks by assessing the right value of loan guarantors and collaterals in one automated workflow that assures the parameters you are using for evaluation based on your specific business requirements.

What
clients say
  • "It's an outstanding system. Having a full overview and control over the branch operations in due time is a huge advantage when corrective actions should take place. Before ASPEKT, it was difficult and lot of effort was invested, to analyze the performance and make conclusions that will lead to improving business processes." - Credit Director
  • "Before ASPEKT, I had to remember all loan conditions, criteria and other rules and I was continuously under pressure not to make any errors. I felt a huge relief when ASPEKT system was introduced, everything is now predefined: amount limitations, interest rates, provisions, etc., even the loan contract templates are automatically generated so no additional double-checking is needed." - Loan Officer
  • "With Aspekt Microfinance Software, we have complete control over the corporate portfolio. Our active portfolio is monitored accurately and we are able to make future assumptions based on historic data, making precise risk assessment." - Risk Manager
  • "Aspekt Microfinance Software helped me better manage my time. When I start in the morning, I can make a quick review for: status of open loan applications, loan disbursements, clients with payments due for the day, new loan in arrears, portfolio outstanding, etc. Everything can be found from one location, so I can efficiently prioritize daily tasks and coordinate other activities with my colleagues." - Loan Officer
  • "Administering one system, from one central location saved time, improved the control and security mechanisms of our IT Department. I’m more than glad to recommend this highly flexible solution to other companies." - System Administrator
  • "With the integrated functionalities and controlling procedures in Aspekt Microfinance Software, we could easily locate a breach of procedures and prevent frauds. The solution is adjusted to detect errors and inappropriate transactions." - Risk Manager
  • "Before ASPEKT, I couldn't monitor neither review my performance. I waited for my Branch Manager to receive reports from head office, to find out about exact number and amount of outstanding loans, PAR and delinquency, drop-outs etc. Now with Aspekt Microfinance Software, I can even predict my performance in near future." - Loan Officer
  • "Before ASPEKT, the field audit in a single branch could last for 4-5 days. Now, with ASPEKT I can do most of the preparation work in my office and be more efficient on the field." - Internal Audit
  • "I can't imagine that all client's information and records are at one place. Before ASPEKT it was extremely difficult to check the credit history of returned clients, and we could make mistakes and approve loans even to rejected clients. With ASPEKT we can also review the repayment history of clients coming from other branches." - Loan Officer
  • "Before ASPEKT, we didn't have reliable information to assess performance. We were overburden with forms and excel spreadsheets and no information on how other branches perform." - Branch Manager
  • "With Aspekt Microfinance Software we can efficiently and accurately control all cash transactions. Borrower's cash receipts are printed from the system only when payment transactions are entered by Loan Officers. This prevents from handing over the cash outside of branches." - Internal Audit
  • "I'm happy now that Loan Officers I'm supervising can spend much more time on a field with clients. Before ASPEKT, the manual administrative work occupied so much of their time so that they were unable to recruit new borrowers and reach the projected growth." - Branch Manager
  • "Once ASPEKT was introduced, our efficiency increased, allowing our MFI to grow by 50% with current human resources. Aspekt Microfinance Software contributes on replacing the manual and routine tasks, so that staff can spent more time on innovations and development." - CEO
  • "ASPEKT is not just a simple loan tracking software. I used to travel in every branch once per month to monitor and appraise each branch performance. Now, I can monitor the progress and identify weaknesses from distance." - Credit Director
  • "With this vendor, we didn’t receive just a system sophisticated to be administered independently from the vendor, we also got entire team that supports us in any situation and is more than happy to help us continuously improve our operations." - System Administrator
  • "Aspekt Microfinance Software as one integrated solution offers full coverage of MFI's business process. It's an excellent management tool that improves decision-making processes. The flexibility and adoptability perfectly match the dynamic environment in which our MFI operates." - CEO
  • "With the centralization of the data we got smart system that streamlines all financial activities we perform on a daily basis. Payment transactions are automatically posted in general ledger and our department is able to perform complex financial analysis, using customized financial reports." - Accounting Officer
  • "Aspekt Microfinance Software is very flexible and managed to fully incorporate our internal risk management policies and procedures. I can generate customized reports on clients and loan portfolio and closely monitor and analyze the credit risk before and after disbursements. The information from the system is the baseline for any improvements on risk policies and procedures I have recommended." - Risk Manager